First Digital Group Merges with CSLM Digital Asset Acquisition Corp III for NYSE Debut
First Digital Group is making a power play for Wall Street—announcing a merger with CSLM Digital Asset Acquisition Corp III to secure a coveted listing on the New York Stock Exchange.
This isn't just another SPAC deal. It's a calculated move to bring a major digital asset player directly into the heart of traditional finance.
The SPAC Route: A Faster Track to the Big Leagues
Forget the traditional, years-long IPO slog. By merging with a publicly-traded special purpose acquisition company, First Digital bypasses the regulatory queue and gets instant access to public capital. It's the financial world's version of a fast pass—Wall Street loves efficiency, especially when it involves a hot sector.
Why New York Matters
A NYSE listing isn't just a ticker symbol. It's a stamp of legitimacy, a megaphone for institutional investors, and a direct pipeline to the deepest pools of capital on the planet. For a digital asset firm, it's the ultimate credibility upgrade.
The Bigger Picture: Mainstream Adoption Accelerates
This merger is another brick in the foundation. It signals that serious digital asset enterprises are not just viable but are actively structuring themselves to meet the rigorous demands of traditional public markets. The walls between crypto and conventional finance aren't just crumbling—they're being dismantled by design.
One cynical finance jab? Let's just say the bankers' fees on this deal probably rival the GDP of a small nation—proving some traditions on Wall Street remain beautifully, profitably intact.
The bottom line: Watch this space. When digital asset firms start playing by—and winning at—the old-school market's own game, it changes everything. The fusion is no longer coming; it's here.
Crypto companies are rushing to go public
President Trump signed the GENIUS Act into law on July 18, establishing the first federal regulatory framework for stablecoins. The president’s favorable regulatory environment has also sparked a surge in crypto SPAC activity, reaching over $10 billion in 2025.
Hong Kong has been relatively hot this year for listings as well. Other companies like HashKey Holdings cleared the Hong Kong Stock Exchange’s listing hearing on December 1 and could raise up to $500 million.
The Thailand-based exchange Bitkub is planning to raise $200 million in a Hong Kong IPO as early as 2026 after initially abandoning its plans for a domestic listing due to weak market conditions in Thailand.
The pace of crypto listings has accelerated this year, though some companies have delayed their plans following a massive digital asset selloff.
First Digital continues to fight on legal fronts
FDUSD is a stablecoin issued by First Digital with roughly $920 million in market circulation, down significantly from about $4.4 billion at its peak in April 2024. The company also manages reserves as a fiduciary for TrueUSD, a stablecoin operated by Techteryx.
At a press conference reported by Cryptopolitan in late November, Justin Sun, the founder of the Tron blockchain and an adviser to Techteryx, accused First Digital Trust of rerouting TrueUSD reserves offshore and fabricating transaction documents to hide the transfers. A Dubai court issued a worldwide freezing order covering $456 million in assets tied to the disputed reserves.
First Digital has so far denied the allegations and filed a defamation claim against Sun. In a November social media post, the company called Sun’s allegations baseless.
The dispute is about whether or not First Digital was authorized to transfer TrueUSD reserve assets into illiquid vehicles managed by Aria Commodities, a Dubai-based trade finance firm.
Sun claims he put up about $500 million of his own money to cover an alleged liquidity shortfall in TrueUSD. He has urged Hong Kong regulators to intervene and strengthen the supervision of trust companies.
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